A Comparative Study Between the Economic Philosophies of Adam Smith and Karl Marx free essay sample

The following essay compares the economic philosophies of Adam Smith and Karl Marx with reference to their historical works. This essay compares the philosophies in Adam Smiths The Background to the Wealth of Nations and Karl Marxs Communist Manifesto Das Kapital. The way in which both Smith and Marx agreed upon the importance of capitalism for unleashing productive powers, amongst other similarities, is discussed. In addition the contradictions in their philosophies, such as their reasons for expanding markets, are also highlighted. From the paper: Smith and Marx both agreed that capitalism required expanding markets. Smith believed this was so because jobs could not be divided too much without a large market. The money that went to paying wages came from profits. There always had to be an expanding market, so that there could be more profits or else there would not be more jobs.